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Debt deal brings Pinnacle nearer

The proposed Pinnacle will be the tallest tower among the City’s "skyscraper cluster"KPF and Cityscape

One of the Square Mile’s most anticipated skyscrapers could finally be developed after HSBC agreed to arrange the £500 million of debt needed to fund construction.

The Pinnacle, whose spiral shape was designed by Kohn Pedersen Fox, will be the tallest tower among the City’s “skyscraper cluster” when it is completed.

The tower, on Bishopsgate, is being developed by Arab Investments on behalf of a consortium that includes Pramerica Real Estate Investors and the Saudi Arabian private wealth management company Sedco. The final development costs will amount to £1 billion, as £400 million of debt and equity has already been spent buying and preparing the site. (Deirdre Hipwell)